Probe Ordered Into Punjab Bank Share Price Manipulation

Senate Standing Committee on Finance, Revenue and Economic Affairs on Wednesday asked Securities Exchange Commission of Pakistan (SECP) to thoroughly examine the alleged manipulation of share price of Bank of Punjab (BOP) by underwriting of shares along with details of shares purchased and sold by the management and Directors of BOP from January 2015 to March 2017.
The meeting was held under the Chairmanship of Senator Saleem Mandviwala here at the Parliament House on Wednesday. The Committee listened to grievances of some shareholders of the bank as well as the senior management of the Bank of Punjab.
It was decided that the Committee shall wait for SECP to compile a report after looking into the matter thoroughly and finding out if there have been any irregularities or illegalities in the whole process. The Committee being an oversight body will then look into the matter.
The meeting also discussed audit of withholding taxes collected by the Telecom sector. FBR and AGPR told the meeting that the data currently provided by the telecom sector is not in a form from which meaningful inferences can be drawn and hence a new consultation process for specialized audit in on its way.
The matter of containers containing imported goods being held at ports due to delay in carrying out formalities on part of some bodies was also discussed in the meeting. The Committee was of the view that businesses of importers should not get affected if concerned departments are delaying the due processes.